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Day: 01/21/2011

CommunitySouth Bank & Trust of Easley was closed by the South Carolina State Board of Financial Institutions Friday, the fifth South Carolina bank to be shuttered over the past two years.

CommunitySouth has lost nearly $30 million over the past three years and was deemed critically undercapitalized by regulators late last year.

For the nine months ended Sept. 30, 2010, the bank recorded a provision for loan losses of $5 million and net loan charge-offs of $6.5 million. That compares with a $6.3 million provision for loan losses and net loan charge-offs of $4.1 million during the same period last year.